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International: MONEYVAL publishes follow-up report on Andorra

The Council of Europe Expert Committee on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ('MONEYVAL') published, on 24 January 2020, its follow-up report ('the Report') on Andorra. In particular, the Report outlines that Andorra had improved its anti-money laundering and combatting the financing of terrorism ('AML/CFT') measures and their compliance with the Financial Action Task Force Recommendations ('FATF'). In addition, the Report states that MONEYVAL has re-rated Andorra on Recommendations 25 (transparency and beneficial ownership of legal arrangements), 26 (regulation and supervision of financial institutions), and 28 (regulation and supervision of Designated Non-Financial Businesses or Professions), and finds it to be 'largely compliant' as opposed to its former rating of 'partially compliant'. Moreover, the Report states that Andorra is now 'compliant' with ten, 'largely compliant' on 27, and remains 'partially compliant' on three of the 40 FATF Recommendations. Finally, MONEYVAL decided that Andorra will remain in the enhanced follow-up process and will continue to report on further progress to strengthen its implementation of AML/CFT measures.

You can read the press release here and the Report here

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